You asked

how did other ancient near eastern cultures manage or limit long term debt or servitude?

The passage, plainly, with room to sit with it.

Deuteronomy 15:1-2

“At the end of every seven years you shall make a release. This is the custom of the release: every creditor shall release that which he has lent to his neighbor; he shall not exact it of his neighbor and his brother, because Yahweh’s release has been proclaimed.”

This passage comes from the book of Deuteronomy, presented as Moses' final instructions to the Israelites before they enter the promised land. It's part of a larger collection of laws designed to structure their society, ensuring justice and economic stability within the community.

What does a periodic release from debt suggest about a community's core values regarding its members' well-being?

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Read alongside it

Leviticus 25:8-12
Describes the larger 'Jubilee' year, extending the concept of release to land and slaves every 50 years.
Nehemiah 5:1-13
Illustrates a historical instance where leaders addressed debt and servitude among the people after their return from exile.
Matthew 6:12
Connects the idea of forgiveness of debts with divine forgiveness in the Lord's Prayer.

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